 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
PROPERTY CODE |
|
Title 10. MISCELLANEOUS BENEFICIAL PROPERTY INTERESTS |
|
Subtitle A. PERSONS UNDER DISABILITY |
|
Chapter 142. MANAGEMENT OF PROPERTY RECOVERED IN SUIT BY A NEXT FRIEND OR GUARDIAN AD LITEM |
Sec. 142.009. ANNUITY CONTRACT REQUIREMENTS FOR STRUCTURED SETTLEMENT
-
(a) An insurance company providing an annuity contract for a structured settlement as provided by Section 142.008 must:
(1) be licensed to write annuity contracts in this state;
(2) have a minimum of $1 million of capital and surplus; and
(3) be approved by the court and comply with any requirements imposed by the court to ensure funding to satisfy periodic settlement payments.
(b) In approving an insurance company under Subsection (a)(3), the court may consider whether the company:
(1) holds an industry rating equivalent to at least two of the following rating organizations:
(A) A. M. Best Company: A++ or A+;
(B) Duff & Phelps Credit Rating Company Insurance Company Claims Paying Ability Rating: AA-, AA, AA+, or AAA;
(C) Moody's Investors Service Claims Paying Ability Rating: Aa3, Aa2, Aa1, or aaa; or
(D) Standard & Poor's Corporation Insurer Claims-Paying Ability Rating: AA-, AA, AA+, or AAA;
(2) is an affiliate, as that term is described by Section 823.003, Insurance Code, of a liability insurance carrier involved in the suit for which the structured settlement is created; or
(3) is connected in any way to a person obligated to fund the structured settlement.